Sign In
The SPY ETF price fell by -0.138% on the last day (Wednesday, 22nd Feb 2023) from $399.09 to $398.54. It has now fallen 4 days in a row. During the last trading day the ETF fluctuated 1.04% from a day low at $397.02 to a day high of $401.13. The price has fallen in 7 of the last 10 days and is down by -4.01% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -840 thousand shares and in total, 82 million shares were bought and sold for approximately $32.71 billion.
The ETF lies in the middle of a weak rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the ETF is expected to rise 4.19% during the next 3 months and, with a 90% probability hold a price between $403.30 and $438.06 at the end of this 3-month period.
There are few to no technical positive signals at the moment. The SPY ETF holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $407.52 and $401.06. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, February 02, 2023, and so far it has fallen -4.38%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
SPY finds support from accumulated volume at $395.88 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved $4.11 between high and low, or 1.04%. For the last week the ETF has had daily average volatility of 1.10%.
The SPY ETF holds several negative signals and despite the positive trend, we believe SPY will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF.
Check full SPDR S&P 500 ETF forecast and analysis here.